ZeroNox and Jospong Group Launch World’s Largest Fleet Retrofit Electrification Project
5 May 2023
Zero Nox Inc. a leading provider of sustainable, off-highway vehicle electrification, celebrated the launch of its partnership with the Jospong Group of Companies (JGC), one of Ghana’s most diversified holding companies, with the formal signing of the Joint Venture agreement today at ZeroNox headquarters to advance clean technology solutions in Africa.
Leaders from the U.S. Legislature and Ghanaian government joined ZeroNox Co-Founder and CEO Vonn Christenson, Co-Founder and President Robert Cruess, COO Jason Eggett, and CTO Jacob Gotberg in commemorating this step toward a cleaner future for all, made possible by ZeroNox’s industry disrupting technology.
The unveiling of the world’s largest fleet retrofit electrification project and the signing of the joint venture agreement between ZeroNox and the Jospong Group mark significant milestones for both companies and leverage Ghana as the gateway to electric vehicle and related technology distribution throughout Africa. Through this agreement, 1,000 refuse trucks from the Jospong Group subsidiary, Zoomlion, will be converted from gas to electric power utilizing the ZeroNox Electric Powertrain Platform (“ZEPP”). A prototype of the all-electric refuse truck -- the first of its kind and a significant achievement in the Refuse Truck Electrification Project made its premier during the event as well.
The electrification of Jospong Group’s 1,000-refuse truck fleet by ZeroNox is projected to reduce the amount of CO2 in the atmosphere by 400,000 metric tons over five years, the equivalent of 18 million mature trees. Estimated savings are $323 million over five years, and as a result the Jospong Group will generate a return on their investment in less than three years.
“We are excited to partner with a global leader like the Jospong Group in executing the world’s largest fleet retrofit electrification project,” said Christenson. “This partnership emerged out of an alignment in the missions of our two organizations – a desire to deliver a better and more sustainable future and one where we can reduce carbon emissions without diminishing vehicle performance. We look forward to fostering similar, high-impact strategic partnerships in the future.”
During the event, ZeroNox and Jospong Group were presented with an award by the Ghanaian Government recognizing their contributions to global carbon emission reduction and the education of Ghana’s youth about green technology solutions.
“I am delighted about this partnership, which holds great prospect for the sustainability agenda of Ghana and Africa as a whole,” said Dr. Joseph Siaw Agyepong, Founder and Executive Chairman of the Jospong Group and Zoomlion Ghana Limited. “I am very pleased to see that the Jospong Group is leading the transition to green energy by powering our fleet with ZeroNox’s highly differentiated technology. We believe this is a game-changing collaboration, which will result in the mutual benefit of our people.”
As previously announced, ZeroNox signed a definitive business combination agreement with The Growth for Good Acquisition Corp. (Nasdaq: GFGD) (“Growth for Good”), a publicly traded special purpose acquisition company, that is expected to result in ZeroNox becoming publicly listed. Completion of the transaction is subject to approval by Growth for Good’s shareholders and other customary closing conditions.